Basic Group Life Insurance The university provides all eligible employees with basic group life insurance. The principal amount of life insurance is two times the annual salary rounded to the next highest thousand dollars for natural death, four times the annual salary rounded to the next highest thousand for accidental death. Life insurance premiums are paid by the university. The plan is administered by Virginia Retirement System (VRS) and underwritten by Minnesota Life Insurance.

Optional Group Life Insurance
The optional group life insurance plan provides all eligible employees a way to supplement the basic group life insurance for themselves, a spouse and/or their children. There are four options for level of coverage: one, two, three or four times the employee’s annual salary. Optional life insurance premiums are paid by the employee, and based on the employee's age and annual salary for coverage of employee and their child. Cost for spousal coverage is based on spouse's age and employee's annual salary. If the employee does not apply for optional life insurance within 31 days of employment a Group Life Evidence of Insurability form must be completed. The Optional Group Life Insurance Plan is administered by Virginia Retirement System (VRS) and underwritten by Minnesota Life Insurance.

Keep Your Beneficiary Up to Date
The Virginia Retirement System pays benefits according to the latest beneficiary designation in the employee record. The Designation of Beneficiary is established in the order of precedence set by Virginia law. The order of precedence is as follows, unless otherwise noted, is listed as:

surviving spouse; if no surviving spouse;

surviving children; if no surviving children;

surviving parents; if no surviving parents;

executor of estate; if no executor listed;

next of kin

Separation of Employment or In an Event of a Death
If you separate your employment, and are not retirement eligible, you may be able to continue your optional life insurance protection. Your right to do this is called a conversion privilege. In order to exercise your conversion privilege, you must do so within 31 days after your group insurance ends. Your group life insurance plan will end the last day of the month of your separation date. For more details regarding the conversion privilege refer to the Minnesota Life website.

If you meet age and service requirements to retire at the time you separate employment, but delay your retirement, your life insurance remains in effect at no cost. The 25 percent annual reduction in the amount of your coverage begins the month following the month of separation from service.

The university will assist coordination of benefits for active members in the event of a death, at which time your beneficiary or family member should contact Human Resources. In the event of a retiree death your beneficiary or survivor should contact Minnesota Life.